Is a self initiated personal medical insurance better than a company provided plan?

Question

(Additionally, what degree of control or loss of income would result in either decision ?)

ABRIDGED
Group company plans are typically less costly to privately arranged plans attract annual prohibitive price surges. – avian

Company plans are more likely to provide an umbrella of protection over scrutinised privately held insurance. – curiou..

Gradual convergence of costs on Group plans of comparable coverage with personal plans, is distinguishable in more obtainable and portable Company provided plan, subject to federal regulations, restrictions and exclusions thereof.

When deliberating, consideration Price, Health care access (choice of treatment) and Financial strength of the insurance company. Factor in premiums, annual deductibles, and co-insurance or co-payments. Consider implications of out of scope medical care, which negates savings of HMO, PPO and similarly managed plans(HSAs?). Review available below. – MostC..

Answer 1

Group health plans are normally less expensive than comparable coverage through a personal plan. However, the gap is closing. One of the major advantages of company-provided insurance is that it is easier to be accepted, which is especially important for people with pre-existing conditions such as diabetes or heart disease. Also, new federal regulations allow you to keep your group health care coverage when you switch jobs (there are restrictions and exclusions involved here).

Cost is obviously just one factor in selecting the best possible health plan for you. A lot depends on what you’re looking for in a health plan. It may be that the company you work for has a plan that fits your coverage needs very well, or it may be that you have to purchase additional insurance to get the level of coverage and access to health care that you’re looking for.

Basically, health plans differ in three basic ways:
1.price
2.access to health care (the degree to which you can visit whom you like and undergo medical treatment a specialist thinks you need)
3.financial strength of the insurance company

Also, the price of a plan is not simply the premium you pay each month. You also have to consider the annual deductible, as well as any coinsurance amounts or copayments. Additionally, the savings you can achieve through an HMO, PPO, or other managed care plan can be erased if you have to go outside the network for expensive medical care.

Check out MostChoice.com to quickly review information on a variety of health plans offered in your area. You can compare these plans and their cost to a company health plan you’ve been considering. You can also talk to multiple health insurance agents through the site without any obligation. Tell them what your company plan provides and its cost and the agents will try and deliver a superior plan, if possible.

You can find MostChoice here: http://www.mostchoice.com/health-insurance.cfm

Hope this helps,
Barnes@MostChoice

Answer 2

A company plan will be less expensive (or even free if part of a remuneration package), than one arranged privately. The monthly cost of a private plan is getting almost prohibitive these days, and the cost jumps every year. My choice would be a group company arrangement.

Answer 3

no. you can get dropped from certain medical insurances but are usually covered by the company plan. as long as you continue to work they cannot take your insurance away. on the other hand, if you quit your job, you lose your insurance which is usually much cheaper than getting insurance on your own